Newport Credits Fiber, Semiconductor Saleswith Third Quarter Boost
IRVINE, Calif., Oct. 21 -- Newport Corp. reported a five percent rise in third quarter net income to $2.3 million, or 25 cents per diluted share, over last year's earnings of $2.2 million, or 24 cents per diluted share, for the same quarter. Net sales for the quarter were $35.4 million, an increase of six percent from the $33.5 million reported in the third quarter of 1998. The company attributed the growth primarily to a 63 percent increase in sales to the fiber optic communications market and to a strong rebound in orders from the semiconductor equipment market during the current three-month period; these increases were offset in part by continued weakness in the aerospace/defense, computer peripherals, and scientific research markets.
Newport's net income for the nine months ended September 30, 1999, was $5.3 million, or 57 cents per diluted share, compared with $6.4 million, or 68 cents per diluted share, for the same period a year ago. Net sales for these nine months totaled $100.5 million, compared with $101 million in the corresponding period in 1998.
MORE FROM PHOTONICS MEDIA